September 25, 2019 – SRS Real Estate Partners National Net Lease Group has completed the $26.5 million sale of Stock Plaza, a 65,297-square-foot multi-tenant retail center located at 7735 Collier Boulevard in Naples, FL.
SRS National Net Lease Group’s Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther represented the seller and Stock Plaza’s developer, Naples-based Stock Development. The buyer was a New York-based private family office.
Built in 2017 and 2018, the five-building property is situated on 8.8 acres and is 98 percent occupied by 13 tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T, and Tropical Smoothie Café, among others. All the tenants recently signed long-term triple net leases.
“Stock Plaza was attractive to many buyer profiles because of its ideal mix of daily neighborhood tenants and the anchor of a reputable healthcare concept,” said Raymond. “The buyer demand for this asset type has increased as shopping center buyers seek properties with less big box risk and Amazon-proof uses. SRS was able to generate multiple competitive offers for the asset by targeting both the professional shopping center buyers that are the most common player in this space, as well as private capital which can be more competitive on pricing because of their lower cost of capital.”
“Stock Plaza is a beautiful neighborhood shopping center located in a high growth corridor with a desirable Naples address. The property is part of Lely Resort, a master-planned community where our company has built more than 3,000 homes over the last 18 years. The opportunity to develop this commercial project is a great compliment to our residential homebuilding business. We are excited to announce the sale of this great asset,” said Keith Gelder, Vice President with Stock Development.
Stock Plaza is well-located and highly visible intersection of Grand Lely Drive and Collier Blvd. and is just two miles north from Tamiani Trail/US Hwy 41. Stock Plaza is within the heart of Naples and is surrounded by country clubs, golf courses, and gated residential communities. More than 65,582 residents and nearly 18,742 employees support the five-mile trade area.
SRS’ National Net Lease Group has successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1.5 billion in assets currently listed for sale.